Global Credit Rating

Rating Agency

Current Rating

Last Evaluation Date

Moody's

Baa3(Stable)

February, 2014

S&P

BBB(Stable)

October, 2014

Rating Definitions of Moody's and S&P

Moody's has nine rating categories, from Aaa to C, and S&P has 10 rating categories, from AAA to D. Ratings from Aaa to Baa are considered investment-graded by Moody's, and ratings from AAA to BBB are considered investment-graded by S&P {Standard & Poor).When rating agencies evaluate a credit rating, they also attach a "rating outlook" to each rating. "Positive" means that a rating may be raised, "Negative" means that a rating may be lowered, and "Stable" means that a rating is not likely to change.